"You're going to pay a penalty for having a low credit score," she said.

A low score could even cost you a place to live. Landlords love to look at your numbers, and the tenant with the highest score wins.

"Think about it," Cole said. "Your rent is the most expensive thing you pay on a monthly basis. They want to make sure they get their money."

Once you move into a house or an apartment, utility companies including gas, water and electric pull up your credit score too.

Cole also warned that during a job search, a low score could scare off potential employers.

"Anytime you give someone access to your Social Security number, it is possible that is what is attached to your credit score," she said.

Finally, a low credit score can even torpedo your social life. One dating website matches potential mates based on their fiscal traits, not their physical ones.

So the big takeaway to upping your score is to make payments on time, and paying at least the minimum is critical. And spend less than 30 percent of your available credit, as credit utilization is a big factor in your score. And finally, check your credit report. One in 5 people report errors, so get those corrected and watch your score rise.